Trader Predicts Elon Musk’s Twitter Rebrand Will Impact Dogecoin
A crypto analyst, known as Kaleo, suggests that Elon Musk’s rebrand of Twitter will have a significant effect on Dogecoin (DOGE). Kaleo, who has a large following on Twitter, believes that Musk will integrate DOGE into the social media platform in the coming weeks. This echoes previous rumors about a potential integration earlier this year. Additionally, Kaleo notes that the DOGE/BTC chart appears bullish after breaking through a long downward resistance. Despite expecting a small market correction in the short term, he advises accumulating DOGE during dips. Kaleo predicts that DOGE will eventually surpass the $0.10 level. As of now, Dogecoin is trading at $0.0774, marking a 4.9% increase in the last 24 hours.
Key Points:
- Kaleo predicts Elon Musk will announce DOGE integration into Twitter in the next few weeks.
- The DOGE/BTC chart shows a bullish breakout.
- A minor market correction is expected before DOGE resumes an upward trend.
- Kaleo advises accumulating DOGE during dips.
- DOGE is predicted to reclaim the $0.10 level in the future.
Hot Take:
Elon Musk’s influence on the crypto market, particularly Dogecoin, continues to generate speculation and excitement. The potential integration of DOGE into Twitter could bring significant attention and adoption to the meme-based cryptocurrency. While the market may experience short-term fluctuations, many believe DOGE has the potential for substantial growth in the long run. As always, it is crucial to stay informed and make well-informed investment decisions.